PepsiCo shares pop premarket after company blows past Q3 estimates

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PepsiCo Inc. shares rose 2% in premarket trade Thursday, after the drinks and snacks company beat earnings estimates for the third quarter. The company said it had net income of $2.291 billion, or $1.65 a share, in the quarter, up from $2.100 billion, or $1.49 a share, in the year-earlier period. Adjusted per-share earnings came to $1.66, ahead of the $1.49 FactSet consensus. Revenue rose to $18.091 billion from $17.188 billion, also ahead of the FactSet consensus of $17.226 billion. The results, coming during the pandemic, reflect the strength of the company’s snacks and food business, “and a significant improvement in our global beverage business,” Chief Executive Ramon Laguarta said in a statement. The company is now expecting full-year core EPS of about $5.50, compared with a FactSet consensus of $5.36.
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